A Marketing Strategy to Reach Millennials
September 2, 2014
by Melanie Cressman
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The millennial generation – those born between 1980 and 2000 – are the most demanding and confounding generation yet for investment advisors. This demographic is 80 million strong and changing the way the world does business. Independent and innovative, millennials (also known as Generation Y) want to be deeply involved in matters that concern them, whether it’s their workplace performance reviews or investing in their 401(k)s.
Unfortunately, the millennial crowd may be the first generation to enter retirement without corporate pensions and guaranteed Social Security, due to government policy and corporate approaches to employee benefits.
This is where the financial advisor comes in. According to a recent study from the Transamerica Center for Retirement Studies, 61% of millennials want advice about saving and investing, yet only 32% of those who are saving actually use a financial advisor. This indicates that there is a large potential client base for advisors to service.
Millennials possess a unique characteristic that sets them apart from their Generation X, Baby Boomer and Silent Generation counterparts: They want to learn everything. These kinesthetic learners pick up concepts through hands-on experience. If you want to attract millennials’ attention, you have to readjust your approach to client service, interaction and engagement.
However, not everything about millennials is new. Their preferences may require a new twist on old marketing techniques, like quarterly reviews and client-appreciation events. Millennials want to be involved. If you want to effectively communicate with millennials, cater to their interests.
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